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The upcoming eighth World Green Economy Summit (WGES) in Dubai will focus on developing investment partnerships in green projects and financing. It will promote the investment and employment opportunities provided by the green economy.
During the summit, a number of local and global luminaries, including heads of state and government, as well as world-renowned speakers, official dignitaries of government organizations, academia, experts and the media, will discuss for the public and private sectors.
These opportunities will allow them to find innovative solutions and financial tools to facilitate clean and renewable energy projects, sustain growth and propel the global economy towards greater prosperity.
green investment
WGES 2022 supports UAE’s efforts to increase green investment. This is done by bringing policymakers and investors together in one place on UAE soil. This supports the UAE’s efforts to strengthen green funding. The UAE is the first country to develop green KPIs. It focuses on three dimensions of sustainable development (environmental, economic and social). Key performance indicators include green jobs, emirates, innovation, human development, ecological footprint and green vehicles.
The UAE has committed $400 million to enable developing countries to transition to clean energy, which will positively impact 100 million African citizens by 2035. It pledged to raise $4 billion to invest in technologies that transform agriculture and food production to limit climate change.
WGES highlights the importance of changing global consumption, production and investment patterns to achieve the Paris Agreement on climate change. It also paves the way for next year’s Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which will be hosted by Dubai Expo City. COP28 is an important event to characterize global sustainability and a green future and to strengthen the Middle East’s position as a key driver of a green economy and green infrastructure.
WGES will be organised by the Dubai Electricity and Water Authority (Dewa) from 28 to 29 September 2022 under the patronage of His Excellency Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai , held at Dubai World Trade Center.
“The UAE has adopted an ambitious vision to promote economic diversification and the development of new economic sectors in areas best suited to our sustainable development path. The green economy is at the heart of our agenda and the country has taken significant steps in capacity building in this area step.
economic driver
“As part of this effort, the circular economy represents a key economic driver and has seen tangible growth under the auspices of the newly established UAE Circular Economy Council and its policy committee. The council has developed a roadmap, These include 22 new solutions and initiatives to support the circular economy. These policies will help address challenges in four key areas – namely: manufacturing, green infrastructure, transport and food production and consumption – while also driving Overall green transition,” said Economy Minister Abdullah bin Touk Almari.
Al Marri said the shift to a sustainable and green development model is a global trend that will shape the economy of the future. He stressed the importance of the World Green Economy Summit as a global platform for international partners to explore and understand innovative investment opportunities in the green economy.
He added that the organization of the UAE summit is in line with national efforts aimed at promoting the green economy as a policy priority and the transition to a new economic model that is more diverse, resilient and sustainable, in line with the country’s next 50 years of ambition.
global leader
Saeed Mohammed Al Tayer, Deputy Chairman of Dubai’s Supreme Energy Council, Managing Director and CEO of Dewa and Chairman of the World Green Economy Summit, noted that the UAE has adopted a green economy since 2012 through the UAE Green Growth Strategy initiative launched by His Highness Sheikh Mohammed , with the theme “A Sustainable Green Economy”. It was created to make the UAE a global leader and a successful model for sustainable development, while supporting long-term economic growth.
“The UAE has been committed to incorporating the 2030 United Nations Sustainable Development Goals (SDGs) into its vision for the future and achieving its ambitions for the next 50 years. Pioneering transformational projects such as construction of solar power plants, use of environmentally friendly electric vehicles As well as building sustainable low-carbon urban communities, supporting smart leadership strategies to achieve a sustainable future for key sectors in the UAE.
“They also contribute to the realization of the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050 to provide 100% clean energy production capacity by 2050. Dubai has made great strides in its sustainability journey It has launched pioneering projects in the renewable and clean energy sector, including the Mohammed bin Rashid Al Maktoum Solar Park, the world’s largest single-point solar power based on the Independent Power Producer (IPP) model park.
success model
“It has a planned capacity of 5,000 MW by 2030 and a total investment of AED 50 billion ($13.61 billion). This reinforces the leadership of the UAE and Dubai as a global success model for sustainable development. Since its inception, solar Projects in the park have received a lot of attention from global developers, which reflects the confidence of international investors in major projects in Dewa. Through this model, Dewa has attracted investment of about AED 40 billion, which is the lowest in the world for five consecutive times. In line with the UAE’s commitment to promoting green financing and as part of the third pillar of the Dubai Clean Energy Strategy 2050, the Dubai Green Fund was established to provide innovative financing solutions for green projects We are exploring new and innovative financing mechanisms to encourage and increase spending on sustainable infrastructure,” added Al Tayer.
WGES 2022 will highlight the growing interest of global investors in the renewable energy sector and ways to benefit from the environmental, social and governance financing boom. This is aimed at achieving green growth.
Global renewable energy employment is estimated at 12 million in 2020, up from 11.5 million direct jobs in 2019, according to the International Renewable Energy Agency (Irena) and the International Labour Organization’s “Renewable Energy and Jobs – Year in Review 2021” and indirect employment. Since 2012, the industry has continued to attract more jobs worldwide. These jobs are concentrated in solar photovoltaic panels, bioenergy, hydropower and wind. — arab trade news agency
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